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The assets, acquired by Vitol s Vencer Energy, cover 44,000 acres across five counties in the Midland Basin, with current production of about 40,000 boe/d, Vitol said in an April 30 statement. No financial details of the deal were given.
The Permian, which spans West Texas and southeastern New Mexico, is a prolific shale play with several sub-territories, including the Midland Basin. While oil is the main lure for drillers, significant amounts of associated gas are being lifted with the crude. That gas is increasingly being moved southward across the border to Mexico for use in electricity generation and eastward to Gulf Coast demand markets for use in producing LNG for export.